divestment

Our Pensions and Renewable Energy

October 9, 2018 // 1 Comment

By HENRY GARRIDO Executive Director, District Council 37, AFSCME, AFL-CIO NEW York City Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the city’s pension funds recently announced a new goal to double the funds’ investments in climate change solutions to $4 billion, or 2 percent of the city’s $195 billion pension portfolio, over the next three years. This plan builds upon an earlier announcement to divest city pension funds from fossil fuels within five years. Opponents have engaged in scare tactics. In recent months, the Daily News has published two hyperbolic op-ed pieces criticizing these moves and falsely assailing the motives behind them. On the internet, opponents exploit the anxieties of pensioners and urge them to sign a petition, essentially just saying no to the future. Safeguarding our retirement As a trustee of the New York City Employees [More...]

City Pensions Plan to Dump Fossil Fuel Investments

January 11, 2018 // 0 Comments

BY MIKE LEE New York City Mayor Bill de Blasio, City Comptroller Scott Stringer and trustees of the city’s pension funds struck a sharp chord for the environment on Jan. 10 by announcing a plan to free the funds from the clutches of fossil fuel investments over the next five years.  This move by a major U.S. municipality to divest from fossil fuel companies is first in the nation. It is also a slap back at recent Trump administration moves to hand over drilling rights to oil companies — which are responsible for most of all greenhouse gas emissions in the last century. “Safeguarding the retirement of our city’s police officers, teachers, firefighters and city workers is our top priority, and we believe that their financial future is linked to the sustainability of the planet,” Comptroller Stringer said at a press conference at the Manhattan Youth Center, in in lower [More...]

New York City’s Retirement System Pulls Out of Hedge Funds

April 14, 2016 // 0 Comments

After months of urging by District Council 37 and others, the New York City Employees’ Retirement System (NYCERS) voted today to pull its hedge fund investments, now totaling more than $1.4 billion. DC 37 Executive Director and NYCERS trustee Henry Garrido introduced the resolution to divest, noting the funds charge enormous fees for high-risk investments yet yield tepid results. “As stewards of the retirement security of public employees of modest means, our role is not to facilitate luxury purchases for high-rolling hedge fund managers,” Garrido said. “It is incumbent upon the trustees to ensure that the pension funds are invested securely and responsibly. Today, we took a necessary step to do just that.” The NYCERS vote follows similar actions to pull hedge fund investments by pension funds in California and Illinois. An American Federation of Teachers analysis of 11 [More...]